NEW YORK – The region's manufacturing sector showed improvement in December, as the general business conditions index climbed to 24.3 from 22.5 in November, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 15.0 for the index.
The prices paid index was 51.2, compared to 34.0 last month, new orders index rebounded to 14.6 from 10.4, shipments slid to 7.3 from 16.8, the unfilled orders index increased to 6.5 from 3.7, the delivery times index advanced to 8.5 from 2.1, inventories improved to negative 2.0 from negative 5.9, prices received increased to positive 10.7 from negative 2.1, the number of employees index fell to 5.1 from 13.3, and average employee workweek climbed to 19.3 from 10.9.
The six months from now general business conditions index gained to 50.5 from 49.0 in last month’s survey, the prices paid index was at 63.2, up from 53.9 in the prior survey, and the prices received index dipped to 26.8 from 33.4. The capital expenditures index grew to 30.1 from 20.2 last month. The number of employees index climbed to 28.4 from 21.7, while the average workweek index increased to 23.7 from 19.0. The new orders index jumped to 46.5 from 39.4; shipments rose to 44.7 from 39.5; and the unfilled orders index rose to 11.7 from 9.8. The delivery times index increased to 8.4 from 3.8, and inventories reversed to positive 2.6 from negative 12.8.
